International Financial Reporting Standards Foundation Trustees approve cost reductions and plan to cut IASB and ISSB to 10 members by end-2028

The International Financial Reporting Standards Foundation Trustees published an update from their Milan meeting outlining progress on a transformation programme, including approved reductions in governance and staff-related operating costs and plans to reduce the cost of operating the International Accounting Standards Board (IASB) and the International Sustainability Standards Board (ISSB). The Trustees aim to transition each board from 14 to 10 members by the end of 2028 as members’ terms expire. The transformation programme also includes simplified management structures and reporting lines, streamlined operational decision-making, and plans to strengthen income-generating programmes through a unified revenue team led by a new Chief Development Officer. Work is underway to refresh the Foundation’s medium- to long-term strategy, covering technology, operating models and sustainable funding arrangements, alongside further efforts to facilitate connectivity between IFRS Accounting Standards and IFRS Sustainability Disclosure Standards; the Trustees also reviewed the boards’ work plans and horizon-scanning, while the Due Process Oversight Committee considered due process compliance, including discussion of the IASB’s forthcoming Agenda Consultation. Later in 2025, the Trustees plan to consult on proposed amendments to the Foundation’s Constitution covering how to maintain diversity and geographic balance with fewer board members, the impact on voting rights and related matters; a more detailed meeting summary is expected to follow.